Most Gulf markets rise while #Saudi bourse holds steady | Reuters

Most Gulf markets rise while Saudi bourse holds steady | Reuters

Most Gulf stock markets rose on Sunday against a backdrop of rising oil prices on improving economic indicators from China and the United States.

Oil prices, a catalyst for the Gulf's financial markets, rose, opens new tab about 1% on Friday as stronger Chinese data added to recent U.S. indicators feeding optimism over global oil demand.

The Qatari benchmark index (.QSI), opens new tab was up 0.1%, supported by gains in most sectors, with Qatar Gas Transport (QGTS.QA), opens new tab rising 1.2% and Qatar Navigation (QNNC.QA), opens new tab up 2.2%.

Meanwhile, the International Monetary Fund said on Friday that Qatar's average economic growth was expected to be lifted to about 4.5% by a significant expansion of liquefied natural gas (LNG) production.

Saudi Arabia's benchmark index (.TASI), opens new tab was little changed, with ACWA Power (2082.SE), opens new tab rising 3.4% and Saudi Aramco (2222.SE), opens new tab up 0.5%. State-owned oil giant Aramco said on Friday that it had signed preliminary agreements with U.S. companies for developing lower-carbon energy solutions.

However, Saudi National Bank (1180.SE), opens new tab and developer Makkah Construction (4100.SE), opens new tab slipped by 1.5% and 8% respectively.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced for a second straight session to end 4.5% higher, with most of its constituents posting gains, led by industry and materials stocks.

Misr Fertilizers Production (MFPC.CA), opens new tab climbed 17.8% and El Sewedy Electric (SWDY.CA), opens new tab jumped by 20% after Egypt’s Financial Regulatory Authority (FRA) said on Sunday that Electra Investment Holding had submitted an offer to acquire up to a 24.5% stake in El Sewedy at $1.05 per share.

Mubadala Unit Mamoura Took $315 Million Credit Hit on Loans to Signa - Bloomberg

Mubadala Unit Mamoura Took $315 Million Credit Hit on Loans to Signa - Bloomberg

A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.

The writedowns were disclosed by Mamoura Diversified Global Holding, which issues debt on behalf of the wealth fund. The publication offers fresh insight into the size of Mubadala’s investments with the Austrian group, which filed for insolvency at the end of last year.

For its total loan investments in Signa Prime and Signa Development, Mamoura recognized expected credit losses of 1.16 billion dirhams ($315 million), according to an annual report published Friday.

Mubadala earlier filed claims for €713 million from Signa and its founder Rene Benko at the International Chamber of Commerce.

Signa is among the most prominent victims of recent turmoil on real estate markets. It owned stakes in high-profile property such as New York’s Chrysler Building and the Selfridges department store in London.

Other investors have also been forced to write-down their Signa investments. The billionaire Peugeot family, which held shares in both Signa Prime and Signa Development, reported net losses of €272 million on its holdings.

Genting Chairman Says Open to Casino Resort Development in #UAE - Bloomberg

Genting Chairman Says Open to Casino Resort Development in UAE - Bloomberg

Genting Group Chairman Lim Kok Thay said the conglomerate is open to pursuing the development of integrated casino resorts in the United Arab Emirates, which is looking into legalizing gambling.

An international tender for a casino-only development in the Middle East region is unlikely, Lim told shareholders at a Genting Singapore Ltd. annual meeting on April 18. Minutes of the meeting were published in a stock exchange filing on Friday.

“The Company would be happy to work on an IR development in the Middle East, leveraging the Company’s experience in non-gaming offerings,” the minutes cited Lim as saying in response to a question about expansion strategy into markets such as Thailand and the UAE. In the minutes, “Company” is defined as Genting Singapore.

Genting’s possible interest comes after the UAE established a federal body last year to regulate the gaming industry. The introduction of casinos would be a step change for the UAE where Islamic, or Shariah law, is the main basis for legislation. Gambling is prohibited under Islam and is illegal in the country, where offenders can be fined or sentenced to two years in prison, or both.

The emirates of Abu Dhabi and Ras Al Khaimah had emerged as frontrunners in introducing casinos ahead of their neighbor Dubai, after the glitzier city-state put immediate plans to allow gambling on hold, Bloomberg reported in November, citing people familiar with the matter.

Sites under consideration for Abu Dhabi included Yas Island — home to the Yas Marina Formula One Circuit and Ferrari World and Warner Bros. theme parks — and a plot near the city’s port among sites under consideration, the people said then.

In Ras Al Khaimah, Las Vegas-based Wynn Resorts Ltd. started work last year on $3.9 billion integrated resort that’s due to open in 2027. While Wynn has said the project will include “gaming,” the government of Ras Al Khaimah didn’t clarify then what such gaming areas referred to.

The UAE’s casino market could surpass that of Singapore in terms of revenue, according to a May 14 report by Bloomberg Intelligence analysts Angela HanLee and Lea El-Hage.